The ACCC has released a determination re-authorising the Finance Brokers Association of Australia Limited (FBAA) to continue to implement its disciplinary scheme (consisting of its Disciplinary Rules and certain clauses in its Constitution) (the Conduct) for a further 5 years. This conduct has been previously authorised since 2017 and is substantially unchanged in the current application.
The ACCC considers that the Conduct is likely to result in public benefits by allowing for more effective and transparent regulation of the conduct of FBAA members and creating a higher standard of conduct and compliance for members than that which exists under current legislation. The ACCC considers that the Conduct is unlikely to result in a public detriment because of the voluntary nature of obtaining FBAA membership, the presence of alternative industry associations, and the availability of an independent review process administered by the FBAA Tribunal.
The ACCC has granted authorisation until 10 March 2027.
Further information about the ACCC’s determination is available on the ACCC public register at Finance Brokers Association of Australia Limited.